Tallgrass Energy GP LP (NYSE:TEGP) major shareholder Kelso Gp Viii, Llc sold 5,058,497 shares of the stock in a transaction that occurred on Tuesday, November 22nd. The stock was sold at an average price of $21.85, for a total value of $110,528,159.45. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.
Tallgrass Energy GP LP (NYSE:TEGP) opened at 24.15 on Monday. The company’s 50-day moving average price is $24.28 and its 200 day moving average price is $23.84. Tallgrass Energy GP LP has a one year low of $9.66 and a one year high of $27.29. The firm has a market capitalization of $1.15 billion, a PE ratio of 32.24 and a beta of 2.24.
The company also recently disclosed a quarterly dividend, which was paid on Monday, November 14th. Investors of record on Monday, October 31st were issued a $0.2625 dividend. This is a positive change from Tallgrass Energy GP’s previous quarterly dividend of $0.25. This represents a $1.05 annualized dividend and a yield of 4.35%. The ex-dividend date was Thursday, October 27th. Tallgrass Energy GP’s payout ratio is currently 140.00%.
A number of analysts have weighed in on the company. Zacks Investment Research raised Tallgrass Energy GP from a “sell” rating to a “hold” rating in a research report on Tuesday, November 8th. Credit Suisse Group AG set a $28.00 price objective on Tallgrass Energy GP and gave the stock a “buy” rating in a research report on Saturday, August 6th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $24.75.
A number of hedge funds have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company purchased a new stake in shares of Tallgrass Energy GP during the third quarter valued at $109,000. Teacher Retirement System of Texas raised its stake in shares of Tallgrass Energy GP by 10.3% in the second quarter. Teacher Retirement System of Texas now owns 6,500 shares of the company’s stock valued at $147,000 after buying an additional 605 shares in the last quarter. Acrospire Investment Management LLC raised its stake in shares of Tallgrass Energy GP by 210.8% in the second quarter. Acrospire Investment Management LLC now owns 9,436 shares of the company’s stock valued at $213,000 after buying an additional 6,400 shares in the last quarter. Texas Yale Capital Corp. purchased a new stake in shares of Tallgrass Energy GP during the second quarter valued at $214,000. Finally, Limestone Value Partners LLC purchased a new stake in shares of Tallgrass Energy GP during the second quarter valued at $232,000.
About Tallgrass Energy GP